Thomas Tsang
FRS116 Lease
It is effective from 1 Jan 2019 for lease with initial period more than 12 months and not low value item. It has to take into account...
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Thomas Tsang
- Jan 19, 2020
- 1 min
Cash for money changer
Cash foreign currency kept by money changer for money changing business is cash on hand for sales of foreign currencies. They are cash...
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Thomas Tsang
- Jan 14, 2020
- 1 min
Cost of inventories
The cost of inventories shall include material, cost of conversion and freight inwards cost. Cost of conversion include depreciation,...
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Thomas Tsang
- Jan 10, 2020
- 1 min
Significant influence
Significant influence is the power to participate in the financial and operating policy decision of the investee. Per FRS28, a 20%...
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Thomas Tsang
- Dec 31, 2019
- 1 min
Incremental borrowing cost
FRS116 Leases requires lease to discount at incremental borrowing cost rate. The rate should be in similar terms of a similar...
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Thomas Tsang
- Dec 26, 2019
- 1 min
Dormant company not require for audit
A company remain dormant since incorporation and throughout the period is not require to be audited whether it is PIE or not. And a small...
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Thomas Tsang
- Dec 17, 2019
- 1 min
ECL individual
ECL can be assessed individually or collectively. Simplified approach is at apply life time ECL on trade receivables. But it can also...
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Thomas Tsang
- Dec 14, 2019
- 1 min
Equity accounting
When a company with associate but without subsidiary, the company still equity account for the associate even though we don’t call it...
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Thomas Tsang
- Dec 13, 2019
- 1 min
Expected Credit Loss for Trade Receivable
We are required to apply simplified approach to measure the expected credit loss on lifetime basis. It can be estimated based on...
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Thomas Tsang
- Dec 5, 2019
- 1 min
Waiver of director salary
For SME and owner managed, it is quite common for director to waive his own salary in order to improve the performance. When the...
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Thomas Tsang
- Nov 26, 2019
- 1 min
Key man insurance accounting
key man insurance is a type of financial assets. If it has to pay a lump sum, with bonus return over the life of the insurance. The...
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Thomas Tsang
- Nov 10, 2019
- 1 min
ICO issue as incentive
In ICO, it is common for certain coin issue to development team as incentives. As coin is not equity instruments, the coin issued is not...
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Thomas Tsang
- Nov 6, 2019
- 1 min
Cryptocurrency audit
Cryptocurrency is kept in a wallet with a unique address. It is available to track in the public avail explorer. All the transactions...
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Thomas Tsang
- Oct 24, 2019
- 1 min
Business valuation
Business valuation is to give you an idea on how much should you sell your business. But most of the owners do not see the value behind. ...
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Thomas Tsang
- Oct 22, 2019
- 1 min
Expected credit loss
It is requirement under SFRS109. Trade receivable to apply simplified approach by using provisional matrix to compute the expected credit...
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Thomas Tsang
- Oct 17, 2019
- 1 min
Grab the opportunity
Opportunity will come sooner or late. You have to be patient. But when opportunity come, you should brace enough to grab it, don’t...
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Thomas Tsang
- Oct 6, 2019
- 1 min
Patient
Somethings you have to do it fast, but not you expected. We can only wait until the time come, it will come.
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Thomas Tsang
- Jul 13, 2019
- 1 min
Stay clear on mind
We have to keep our mind fresh and clear when dealing with issue. Always refer to the theory to avoid doubt and confusion.
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Thomas Tsang
- Jun 14, 2019
- 1 min
Own way
We should have our own way of doing what ever things. Our own idea, thinking, view, opinion...
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